Rose Valley

West Bengal's Phase 2 assembly election campaign concluded with intense polarization, marked by high-decibel rallies and sharp political attacks. Prime Minister Modi's symbolic outreach and Mamata Banerjee's street-level campaigning defined competing narratives, while record Phase 1 turnout intensified voter mobilization efforts.

The Enforcement Directorate (ED) has attached assets worth over Rs 70 crore of three firms, including of a company linked to an IPL cricket team promoted by actor Shah Rukh Khan, in connection with a money laundering probe in the Rose Valley ponzi scam case, the agency said on Monday.

Besides, Rose Valley Hotels and Entertainment Ltd and its directors have been barred from the markets for four years. Also, the directors have been restrained from holding positions of directors or key management personnel at listed companies.

The Crime Branch on Monday moved the state government, seeking attachment of the assets of multi-business conglomerate Rose Valley, accused of duping over 1.25 lakh people of more than Rs 100 crore in illegal money circulation business in the state.

Securities and Exchange Board of India (Sebi), the capital market regulator, has barred Rose Valley Real Estate & Constructions from raising public money and from launching any scheme.

The economic offences wing (EOW) of state Crime Branch has pinned hope on Rose Valley boss Gautam Kundu to identify the genuine duped depositors in Odisha so that they get compensation from the state government.

Chief minister Mamata Banerjee on Friday demanded answers from the Centre alleging a tie-up between the Rose Valley Group and LIC.

Rose Valley chit fund scam could be as big as Rs 15,000 crore, almost six times bigger than Saradha scam that has shaken up Bengal politics with its links deep inside ruling Trinamool Congress.

Two TMC MPs - Sudip Bandyopadhyay and Tapas Pal - are in jail in the Rose Valley scam case. The TMC leadership has accused BJP of pursuing "vendetta" politics. Rose Valley Group has been accused of duping investors of Rs 17,000 crore in different states including Odisha and West Bengal.

A team of six Trinamool Congress MLAs from the state will meet Prime Minister Narendra Modi to urge the initiation of a CBI probe into the Rose Valley scam and the cheating of other non-banking financial companies in the state.

Rose Valley, which is under the concurrent probe of the CBI and ED for allegedly defrauding investors, has already returned around Rs 10,500 crore out of Rs 17,520 crore raised from them, an official said on Monday. He said the ED had also attached properties worth Rs 4,500 crore and filed two prosecution complaints with the designated Prevention of Money-Laundering Act court.

The Enforcement Directorate has attached assets with a market value of more than Rs 2,380 crore in the Rose Valley ponzi scam case.

The Central Bureau of Investigation on Friday arrested Subhra Kundu, wife of Rose Valley group chairman Gautam Kundu, from the city in connection with the probe into the multi-crore chit fund scam, sources in the investigating agency said.

Trinamool Congress MP Sudip Bandyopadhyay on Saturday raised questions over CBI probe into Rose Valley chit fund scam and alleged that he is being framed in the issue.

No one knows who is right, but the fact remains that the Manoj Kumar-Subhra Kundu sub-plot in the Rose Valley case has muddled the investigation into the ponzi scam.

The CBI has taken custody of Rose Valley boss Gautam Kundu, 22 days after the agency filed first charge sheet in the case. Kundu was arrested by the Enforcement Directorate on March 25 following interrogation of the Ponzi firm boss in phases.

The economic offences wing (EOW) of state Crime Branch will interrogate around 120 Rose Valley agents, who were paid hefty commission for collecting money from gullible depositors.

The economic offences wing (EOW) of the state crime branch has prepared a list of around 120 Rose Valley agents, who were paid hefty commissions for collecting money from gullible investors, for interrogation.

In a break from the past, Kolkata Police has written to CBI to probe the Rose Valley cash trails, including “Madam Rose Valley”, who reportedly received Rs 15 crore funds.